Global Credit Rating affirms Ethio-Re's rating

African agency Global Credit Rating (CGR) has affirmed Ethiopian Reinsurance's (Ethio-Re) "AA" national and "B-" international financial strength ratings with a stable outlook.

The rating reflects the company's solid financial profile as demonstrated by strong capitalization and good liquidity. The reinsurer also benefits from legal cessions in Ethiopia and a strong competitive position on the local market.

As at 30 June 2023, Ethio-Re reported a turnover of 2.01 billion ETB (36.4 million USD), up 43.6% compared with the same period in 2022.

Profit before tax of ETB 219.014 million (USD 4 million) fell by 5.8% over one year. Net investment income rose by 41.7% to 269.198 million ETB (4.9 million USD) at the end of June 2023.